Citigroup Global Markets has paid a $1m civil penalty for failing to properly supervise two representatives in its Newport, US, office. The representatives are said to have missold investments to elderly customers, engaged in unauthorized trading and misappropriated funds.
Germany's financial regulator BaFin is investigating whether any insider dealing took place before Deutsche Bank moved last week to stop investors selling their stakes in a $7.2bn troubled property fund. Reuters quotes a spokesperson for BaFin, who confirmed that 'we are looking to see if there is evidence of insider trading. Trading volume in the days before the fund was frozen and other information we have received has led to this enquiry'.
Mizuho Securities has been ordered by Japan's financial watchdog to get its act together, following the $343m trading foul up which occurred earlier this month. The Financial Services Agency will also be asking other securities firms to check their own systems to ensure that there is no repeat incident.
Meanwhile over at Morgan Stanley, three more board directors once loyal to former firm CEO, Philip Purcell, are heading for the exits. Edward Brennan, John Madigan and Miles Marsh will all be gone by mid-January. All three have resigned.
Finally, the price of a seat on The New York Stock Exchange has gone up again. A seat exchanged hands this week at $3.6m, that's up $325,000 from the last sale, which took place just days before.
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